PETROFAC CURES CONTRACT DEFAULT AND ANNOUNCES EXTENSION TO FORBEARANCE AGREEMENT
Source: EQS
Press Release
PETROFAC CURES CONTRACT DEFAULT AND
Agreement with key EPC customer
The agreement cures the default notice received from that customer, which required a performance guarantee to be posted by
The Company continues to require performance guarantees for certain of its other recently awarded contracts. Further announcements will be made as appropriate.
Forbearance agreement with noteholders
The Group has extended its existing forbearance agreement in respect of the non-payment of the interest coupon on its senior secured notes from 25 July to
The forbearance agreement is entered into by an ad hoc group of noteholders representing approximately 47% of the outstanding senior secured notes and certain other acceding noteholders. It provides assurance that these noteholders will not take any action in respect of the non-payment of the coupon until at least
ENDS
For further information contact:
Teneo (for +44 (0) 207 353 4200
NOTES TO EDITORS
Petrofac’s core markets are in the
For additional information, please refer to the Dissemination of a Regulatory Announcement, transmitted by EQS Group. The issuer is solely responsible for the content of this announcement. |
ISIN: | GB00B0H2K534 |
Category Code: | MSCU |
TIDM: | PFC |
LEI Code: | 2138004624W8CKCSJ177 |
Sequence No.: | 336890 |
EQS News ID: | 1955365 |
End of Announcement |
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